Yes, you're absolutely right. It's a concurrent locking limitation inherently present in MyISAM.
I believe it was mostly because of user session tracking, which this forum software by default stores in the database (there is a way to use in-memory storage -- APC or memcached -- but I haven't had the time or a reason to figure out how to switch).
And yeah, it's still fine, the MySQL "slow log" only reports one or two slow queries per week (I have it set at two seconds).
Obviously, this forum is very low traffic, but then again it's a low-end VPS... and also runs the main wordpress site (but that's cached using nginx, so barely any system load)...
Overall, very happy with my VPS -- it's Linode -- and it's sort of fun to connect and tweak a few things every now and then